Drivers behind Germany's digital payments evolution
In Germany cash has long been the preferred method of payment but digital transactions are catching up fast. Albrecht Kiel, Regional Managing Director of Visa Central Europe and Tilo Hacke, Board Member at DKB, one of Germany’s biggest online banks, sit down to talk about the digitalisation of payments in Germany.
The German payments landscape has undergone a dramatic change over the last few years and continues to multiply and evolve again. In the last year, cash has accounted for less than 40% of market share in Point of Sales payments, while digital payment use continues to increase in popularity.
Hacke believes that “everything that can be digitised will be digitised”, as customers look for simpler, safer ways to pay. And in this future, Visa is poised to be the collaborative partner needed to make this digital leap. DKB is at the forefront of this shift and to power their digital ambitions they became the first bank in Europe to partner with Visa DPS to process their transactions and provide their customers with a seamless service.
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